One man's fortune is another man's loss. That describes today's real estate market. Unfortunately, we've noticed that many people are getting locked up and not taking action. This is most interesting since the market has swung dramatically and there are opportunities for Buyers that were non-existent just a few months ago. They will not be beneficial to Buyers, however, if Buyers don't buy. It's just like Sellers that didn't sell at the height of the market ... they bemoan their "losses", but they never had the gain because they didn't sell when the market was high. Buyers that don't buy now may bemoan their lost opportunities.
Here's a classic example of shopping this market and finding the golden opportunity. We were working with a young family, first time buyers. Their price point directed us to certain types of homes. When we met to look at the first home the homeowner's daughter met us with, "my daddy is shampooing the carpet where the dog threw up." It went downhill from there including the third bedroom being an extra large laundry room with a bed in it. They were discouraged and stopped looking, but they continued to follow the market.
Roll it forward a couple of months. With the information about the USDA Rural Development 100% loans that we shared with you some time back, they were able to raise their price point just a bit, about $30,000 to the mid-$170's. At the same time, the prices dropped to the point where the homes we were looking at were newer and bigger. We made a few offers to no avail. We kept pursuing the market and ‘lo and behold, we were able to achieve unthinkable. Large home, vaulted ceilings, newer, great condition, corner lot, across from school, great views, many, many outstanding amenities ... a lifestyle they earlier could only have hoped to upgrade to in five, or more, years.
Compared to the initial rundown, dirty, discouraging offerings, the home they are going to raise their family in is a jewel that will serve them wonderfully for many years. Their payment is unchanged, but their lifestyle is dramatically changed. That opportunity is available in every market segment right now for those that are in a position, financially and mentally, to move forward with their life and live their life as they choose.
Our advice: Sellers are very realistic today. If one isn't realistic, the next one will be...or the next one...or the next. Work closely with your agent. Define what you want to achieve, what is truly important to you. Be patient, be active, and then be proactive in your approach to achieving your dreams. There are diamonds out there, and they aren't all laying on the ground. You might have to do a little mining to find your precious jewel, but be assured that the Northern Nevada real estate gem field is a mother lode ripe for the picking. In the spirit of Nevada mining, be aware of the Tommyknockers. Are you listening to the good, or the bad Tommyknocker? Don't let ‘em getcha and cause you to miss out!
Opportunity abounds in every market and this one is no exception! Be bold and you will enjoy the fruits of your action. Don't watch and wonder what happened. Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, 775-781-5472, carsonvalleyland@hotmail.com, www.carsonvalleyland.com
The bank-owned property sale is fairly commonplace these days. The amount of foreclosures in the Carson Valley is unprecedented, and has resulted in a niche real estate market with unique business practices. When a bank owns a property the sale process is different than when dealing with a private party.
The first difference comes when they value the property. They begin before the foreclosure sale by getting a Broker Price Opinion, BPO. After they obtain title to the property via the foreclosure sale they usually order two BPO's to determine value. After that they select an agent to list the property with and ask that the agent prepare yet another BPO. During this process the property value usually plummets due to the post-foreclosure condition of the property. With one of the first lender actions subsequent to obtaining title being to turn off all utilities causing the value to continue to drop as the landscaping dies.
Most lenders hire an Asset Manager, AM, to handle the sale for them. The Asset Manager orders the BPO's, prepares the property for sale, hires the listing agent, negotiates the contracts, and sees the escrow through to close. The BPO Listing Agent communicates with only with the Asset Manager, and primarily via computer.
When an offer is presented it isn't emailed or faxed to the Asset Manager, rather there is a computer menu that the agent completes by checking and filling in the appropriate boxes to reflect the terms and conditions of the offer. There is also an area for notes so the agent can make comments to the AM to provide some perspective about the offer circumstances. Counter Offers are also made via computer. We have actually received an AM Counter Offer at 6:00 p.m. on a Saturday. That is refreshing as it is in keeping with conventional real estate to keep the negotiations flowing. Historically, bank owned property transactions were a M-F/8:00-5:00 operation.
Once accepted the offer and related documents are sent to the AM via email. They are signed and returned with the AM's special Disclaimer documents (a must-sign, non-negotiable package) for execution by the Buyer, and the escrow is opened. From there it is pretty much business as usual.
Our Advice: The REO sale process has been streamlined since we last wrote about it. The AM's are more responsive, act quicker, and are willing to engage in "Ping Pong" negotiations until a transaction is put together or it is accepted that it cannot be put together. The AM Seller has no emotion in the transaction - they are just dealing with numbers and circumstances - which can be a benefit to a Buyer making a reasonable offer. The Seller isn't concerned about their next purchase, their perceived "loss" since the market dropped, or the memories incurred during the course of ownership. Make a good clean offer that highlights your strengths and you can be making the proverbial "scream'n deal" in no time.
REO's offer a realistic means to make a good deal today. Their historical burdensome processes are now themselves history. Don't fear the REO - consider the brown lawn a welcome mat to a green return on your investment.
Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, 775-781-5472, carsonvalleyland@hotmail.com, www.carsonvalleyland.com
High loan to value loans are still available - call your lender and ask about them. In that conversation remember to ask about the USDA Rural Development Guaranteed Housing loan. The facts about this loan program may seem too good to be true, and yet they are real. We recently closed one.
Consider the highlights: There is no ceiling for the loan amount - it is based solely on appraisal and payment capability. The loan can go to 102% of appraisal (the last 2% being the Guarantee Fee). Income used is adjusted gross. The income maximum for a family of five in Douglas County is a generous $89,650, and is adjusted according to family size. This is "rural' loan guarantee product and is avalalbe in Douglas County, Lyon County, Churchill County and Storey county ... it is not available for Washoe and Carson City Counties.
The ratios are more lenient than other loan programs, and even those can be exceeded with compensating factors such as zero or little payment shock, 660+ credit score, 2+ years on job, and more. You don't need explanations for late payments with a 660 or better credit score. You can be in the 500's and get a loan. Credit blemishes can be okay depending on other factors. If you don't use credit you can qualify using non-traditional methods such as utility, child care, insurance and rental payment records. There is no Mortgage Insurance, just a one-time Guarantee Fee that can be financed, a huge savings from PMI premiums.
Additional parameters: You need not be a first time home buyer, in fact you can own a home that you are selling if you close escrow before you close on your new one, i.e.- close on one and buy the new one the next day. You can purchase a new stick built, modular or manufactured home. It is not available for resale manufactured homes. Douglas and Lyon Counties qualify, but the loan is not available in all communities. If you qualify for a conventional 80% loan to value loan (where you put 20% down) you many not participate in this program.
Here's how it works - you apply for a loan with a lender or mortgage broker that offers this loan. The lender will review and approve your loan package before sending it to the USDA. The USDA will review your package and make a decision within 48 hours unless the property is over 50 years old in which case you must add 30 days for review as it must be approved by the Nevada State Historic Preservation Officer for historic significance. Once approved - it is funded. It's that simple. With the leniency of the USDA requirements, and the fact that the USDA is guaranteeing the loan to the lender, it is hard not to get your loan approved.
Our Advice: If you are looking for a low or no down loan seriously consider this program. We have never seen a loan program with so much flexibility. The USDA representative we met provided so many illustrations of variances that it is clear they seriously want to make loans to get people in homes. Interest Rates? They are very competitive. Remember the gap in this loan - something nobody else allows. The loan amount is based on the appraisal amount unlike traditional loans that are based on the lower of either the purchase price or the appraisal. If the home appraises for more than the purchase price you can borrow the higher amount and use the "gap" money for closing costs, repairs, etc. Good loan ... good prices ... good time to act! Call a lender and start talking about your situation and this loan program - you will surely be delightfully surprised.
Thank you Jennifer Morrison, Mortgage Consultant, Greater Nevada Mortgage Services, 783-7591, for sponsoring an informative class on this special loan program. This is a unique product in a unique Market that will allow many people to buy homes that would otherwise be sitting on the sidelines in these exciting times.
Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, 775-781-5472, carsonvalleyland@hotmail.com, www.carsonvalleyland.com
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Here's an inspiring quote for Bob Proctor's "Insight of the Day".
"If we are basically positive in attitude, expecting and envisioning pleasure, satisfaction and happiness, we will attract and create people, situations, and events which conform to our positive expectations."
Shakti Gawain
Author of Creative Visualization
Shakti Gawain is one of the first authors that I ever studies in the art of visualization. Her writings are classic.
I actually first began reading her books in 1987. This was pretty "woo-woo" stuff for most folks back then! A well known business coach and Real Estate Agent from Big Bear, California, Tim Wood, spoke about her at a Coldwell Banker Conventions that we attended.
Her books and tapes are awesome and I have recommended them for years.
For additional information from "Insight of the Day" .
Best wishes for a wonderful and prosperous day!
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Call us for today for Northern Nevada Homes, Vacant Land & Commercial & Investment Property. We specialize in Carson Valley, Carson City, Dayton Valley, and surrounding communities.
Lisa Wetzel and Jim Valentine have been selling real estate in Carson Valley for over 30 years. They work at RE/MAX Realty Affiliates in Gardnerville, Nevada.
Call us for Carson City, Dayton Valley, and the surrounding Northern Nevada communities. Helping Buyers to Buy and Sellers to Sell is what we do! How can we help you? You deserve the Best of the Best! The #1 Sales Team in Carson Valley's #1 Real Estate Office!
Make Lisa & Jim Your Carson Valley Real Estate Source! Call Lisa and Jim today at 800-814-8777 ext 254 or directly at 775-781-5472. Visit us online at www.carsonvalleyland.com or email us at: carsonvalleyland@hotmail.com.
Visit our blog at www.experienceispriceless.blogspot.com for regularly upated articles and items of interest pertaining to real estate in Northern Nevada.
You can find great local Nevada real estate information on Localism.com Lisa Wetzel is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
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The scope of our expertise includes single family home sales, vacant land, commercial and investment opportunities, farm and ranch sales across the state, residential development, 1031 exchanges, and water rights sales.
We have focused on building our business one client at a time and we're proud to say that many of our customers and clients have worked exclusively with us for years and years. We follow a strict Standard of Service and stive to provide the best quality service to everyone we work for and in cooperation with.
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Margarete and Stephen Johnson
We couldn't have made a better choice when it came to real estate agents. You did a great job for us and we want you to know we appreciate your friendly yet professional way of serving us as clients. We would definitely not hesitate to recommend you ~ you're ALL great!!
John & Debbie Cormack
I feel that I have a personal relationship with Jim and Lisa and I wouldn't consider using another agent.
Bill and Jennie Thompson ......... Gardnerville NV
What did we do best? ... Your attention to the details in both the advertising and the paperwork!
Steve and Judy Gunsten ..... Minden, NV
You guys were great!. You knew just what we wanted and used our time very efficently. Our long-distance move was so much better due to your efforts.
Mike and Jan Rhoades.......Gardnerville NV
Everything was great! You guys are full of great advice. You pay attention to detail and are very thorough. Thank you.
Doug and Kathy Moody............Gardnerville NV
Thank you for making this a wonderful experience!!
Jodi Kowaski..........................Carson City NV
We thank you for handling everything and smoothing over the one bump. It was a very painless process for us.
Jerry and Teri Clark .......... Gardnerville, Nevada
I was so overwhelmed with the services Jim & Lisa provided. In all my 68 years I've never had somebody like Jim & Lisa giving such excellent services. My sincerest THANK-YOU to Jim & Lisa.
Evelyn Toma.............Waipaho, Hi.
Jim & Lisa constantly kept in touch and kept us updated. They even helped me remove an abandoned automobile on my lot.
Marilyn Caprioni............Fort Wayne, IN.
Jim & Lisa were very attentive & helpful. They answered all of our questions promptly. They are true professionals. We will refer any of our friends who are looking for Nevada real estate to you.
Gary & Pat Eckman...........Richmond, Ca.
Jim & Lisa were very good at keeping in touch with me regarding their marketing efforts.
Dave Swanson..........Sacramento, Ca.
We were pleased with the overall experience & chose Jim & Lisa from several others who courted us.
Richard and Marie Sayles..........Fullerton, California
I rated them excellent...Only because there is no catagory listed higher...My personal choice would be "Best of the Best" Jim and Lisa are wonderful. They both worked very hard for Kathy and me. I know many real estate agents in Carson Valley and I'm of the opinion that Lisa and Jim are the most knowledgeable agents in the area. By having Jim and Lisa on our side we saved thousands on our sale and purchase. They're sticklers for details and they are always accessible. We both thank them very much!
Mark and Kathy Jackson..........Gardnerville, Nevada
Thank you so much for all the extra work you did to help us get our new home. We really appreciated your taking care of the closing and comming out to check on the house for inspections and walk through. We felt really blessed by your "go the extra mile" service. We really enjoyed working with you both. We love our new home. Maybe we can have you over to dinner sometime in the near future. Best Wishes.
Wayne and Annabeth Johnson..........Gardnerville, Nevada
Jim and Lisa were great. They kept us informed thoughout. We'd use them again.
Larry and Lenn Furrow..........Alamogordo, New Mexico
Is there anything we could have done differently? "Nothing at all because the transaction was fast, smooth and consumated right away. Two days after signing my escrow papers my check came immediately. Excellent job! Carry on the good Work!"
Hospecio Loriega..........Gardena, California
We were very pleased with the level of service propvided by Lisa and Jim. We would do business with them again. They were very professional & kept us totally informed regarding all activity on our property.
Dr. Mark and Susan Brune..........Gardnerville, Nevada
Everything was just fine! A true Miracle! I was thrilled with the service from Jim and Lisa. Their reports were exceptionally fine. If I ever buy or sell again it will be with Jim and Lisa.
Steve Segien..........Boca Raton, Florida
I was impressed by their effort at keeping us informed of all the activity!
Mr. and Mrs. Dana Lord..........Las Vegas, Nevada
Lisa and Jim were very professional and a credit to your firm. We will refer others to them.
George and Kathy Neidhart..........Gardnerville, Nevada
Both Jim Valentine and Lisa Wetzel were just wonderful throughout our real estate relationship. I really loved how they keep such a good account of every activity concerning our real estate-and kept us informed! If ever we need real estate help again we'll definately call on them and refer them enthusiastically.
Mike and Eve Garcia..........Gardnerville, Nevada
Jim and Lisa, thank you for doing such a wonderful job. We've recommended you to all our friends here in Hawaii!
Lisa Yip..........Honolulu, Hawaii
Mr. Valentine and Ms. Wetzel were very helpful...they solved a problem property, notified me by phone of everything, and 3 days later everything was taken care of.
Mr. and Mrs. Bert Fukuda..........Honolulu, Hawaii
We just wanted to tell you how grateful we are for going that "Extra Mile" in selling our property. Of course, that is exactly why we listed with you...we know from experience to stick with winners!
Chuck and Linda Wagner..........Acworth, Georgia
Lisa and Jim contacted me. Their agressive strategy workded very well. Thank You!
Yuki Stevens..........Minden, Nevada
We apprecitate Jim and Lisa's 1990's technology for marketing and keeping us advised on what "was going on!" They treated our lot and us like we were "million dollar" customers.
Robert and Shirley Holmes..........Vancouver, Washington
You have done an excellent job! Thank you for your help!
Herminia Loriega..........Tamuning, Guam
Jim and Lisa did an excellent job of selling our property in such a short time. Thank you for all the periodic letters and real estate transaction updates.
Schie Matsukawa..........Waialua, Hawaii
Lisa and Jim were a pleasure to work with & handled the whole transaction in a very professional manner. They kept us informed and their advise and assiatance were flawless. We would definately recommend them.
Al and Ginger Blythe..........Gardnerville, Nevada
Thanks for the great job you did selling my lot. I feel you both went out of your way to solve the problems that cropped up plus getting a maximum price for the property. It was a pleasure to do business with you...I was pleased with the service I received, from start to finish. Jim and Lisa sent me periodic letters and real estate updates for some time. This indicated to me that they were interested and professional!
Gordon Christian..........Everett, Washington
Please thank Jim and Lisa for the Excellent Service!
Mr. and Mrs. Ruben Mata..........Pearl City, Hawaii
Lisa and Jim are the best agents I have ever dealt with! Efficient, knowledgeable, and extremely helpful. I have recommended them to allmy friends and continue to do so!
Mary Loeppky..........Topaz Lake, Nevada
We loved the two people we dealt with! Jim Valentine and Lisa Wetzel were very professional, informative, and friendly. It was a rapid and smooth sale.
Mary Ann Streeter..........Carson City, Nevada
Special Thanks to Jim and Lisa!
John Dickenson..........Gardnerville, Nevada
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